Thailand’s leading developer is taking a practical approach to 2021

SC Asset Chief Executive Nuttaphong Kunakornwong plans for 2021
SC Asset Chief Executive Nuttaphong Kunakornwong is focusing on real demand this year

Dot Property and SC Asset are hosting a FREE webinar for agents and brokers in Thailand on February 25. Click here to reserve your spot. (Please note, the webinar will be in Thai).This article on SC Asset’s plans for 2021 and beyond appears in the Dot Property Thailand Real Estate Outlook 2021. You can read the report right here!

SC Asset understands the unique situation the Thailand property market currently finds itself in. Instead of pressing ahead with ambitious plans or retreating entirely, the developer has opted for a steady approach in 2021. The key is focusing on what works in the short-term and being ready to expand once the situation improves. 

“We will focus on no-loss in business and keeping sufficient cash on hand,” SC Asset Chief Executive Nuttaphong Kunakornwong told the Bangkok Post “We will be ready to grow again when the crisis ends. The key is a reopening of each country so people can travel again. We expect a full recovery in mid-2022 to early 2023.”

Of course, the developer can’t afford to sit idly waiting for the situation to improve. The Thailand-based homebuilder was proactive in navigating these difficult times and even managed to set sales records last year.

“In the second quarter, we set a new record high in sales, largely driven by single detached houses. During a crisis, homebuyers looked for a house as shelter, rather than a dwelling,” Khun Nuttaphong explained. “For large units, homebuyers usually make four visits and took a few months before making a decision. But during the pandemic, they made fewer visits and decided in one week.” 

The developer recorded an eight percent increase in housing pre-sales in the third quarter of 2020 when compared to the same period the previous year. Additionally, total revenue for SC Asset during the first nine months of last year increased by 26 percent year-on-year.  

SC Asset will continue this practical approach of focusing on real demand, especially in the low-rise housing segment. The developer’s ultimate goal is to make it through this year in a position of strength as the economy starts its recovery.

“We want to maintain revenue of THB17-19 billion per year in 2021-22. To achieve that goal, it plans to focus on low-rise housing development and maintain recurring income from rental office space,” Khun Nuttaphong stated. “We need to have enough investment capital to buy new plots of land and expand business when the property market picks up again. With this strategy, we will be ready for a return, as the company projects revenue of more than THB20 billion in 2023.”

For more insights, be sure to read the Dot Property Thailand Real Estate Outlook 2021